Sunny Limited follows IFRS and has a multiple deliverable revenue contract for:
• sale of products with an estimated return rate of 6%
• issuance of loyalty plan points

Total contract value: $80,000
Received in cash: $15,000
Accounts receivable $65,000; Long-term customer with a good credit rating

All revenue recognition criteria for sale of products, net of returns, have been met. The allocation of the $80,000 contract to each deliverable based on relative fair values is:
• sale of products: $77,000
• liability for loyalty plan: $3,000

Prepare the journal entry related to this contract.